Blockchain alters real commodity trading platform

Reviewing and compile blockchain industry topic, updating market references and research environment.

Today, we are picking up physical commodity trading and blockchain approval.

The London Metal Exchange (LME) are planning to use blockchain technology for tracking physical metal. “Forcefield” the initiatives backed by banking, such as Macquarie and ING, helping buyers to find our sources of their proving ownership.

The LME has 500 “approved” warehouses in 34 locations across the world, but still under examination warehouse in China. Therefore, they have launched electric administrative system there, that will be used with this technology.

China’s Ministry of Commerce and 12 other departments issued a notice, induce digital technology, called “platform economy” at commodity sector, using IoT, big data and blockchain.

Chinese companies have already joined and launched blockchain trials, for example, COFCO International, Chinese agribusiness COFCO Group’s arm, recently participated in agribusiness consortium with international member, and China’s Huayou Cobalt is working on IBM driving cobalt blockchain traceability initiative.

Eka Plus, Indian Software Solutions company, is working on blockchain based platform for coffee farmers. Although, Indian coffee production is exclusive in the market, final profit diminishing by third party intermediates.

Once the blockchain technology proves the tracing result, it clears the performance through entire value chain and remains the more portions of profit for producer.

Real commodity trading market has potentially using digital technology in accordance with incremental demand of latest version final products.

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